Mongolbank announced that in the first half of 2018 mobile banking service has reached 3.5 million users. A total of 12.2 million digital transactions were made valued over MNT 2.3 trillion. The central bank noted that payment service is changing towards digital banking from card usage.

“LendMN” NBFI JSC recently introduced the digital payment “Lend wallet” technology. With it, individuals can use their phones to make daily payments and transactions without any transaction fees. Moreover, they can use the “Viber” app to transfer money according to the company. LendMN is planning to add the service to Facebook messenger as well.

Looking at “LendMN NBFI” JSC’s financials, the company’s quarterly revenue increased by 19.4 percent and reached MNT 895.9 million in the third quarter. The company had a net income of MNT 763.2 million in the last quarter and its total assets increased by MNT 2.9 billion compared to the previous one.

Before this, “Optimal Investment” LLC had introduced the “Zeely” app for online lending services.

According to the United Nation’s Conference on Trade and Development, in the upcoming year mobile and online payment service usage is going to exceed traditional banking credit and debit card usage.

Source: BloombergTv.mn